Turquoise Co. and Yellow Co. are equal partners in LMN Co. LMN Co. had a net income for tax purposes this year of $350,000 which did not include the available capital cost allowance of $50,000. Prior to the partnership income, each corporate partner had a loss of $150,000, and each has a $25,000 non-capital loss which will expire in two years. To maximize the use of the losses, the partnership net income for tax purposes is

Select the correct response:

• $350,000
• $300,000
• $175,000
• $50,000